The Luxembourg-headquartered steel giant has asked that any future probe into the Ruia family’s dealing should not affect Essar Steel’s assets
ArcelorMittal has sought immunity from any future investigations into Essar Steel and its former promoters, reports The Economic Times.
The Luxembourg-headquartered steel giant has approached Indian officials in the home, finance, law and defence ministries, the report stated. It has asked that any future probe into the Ruia family’s dealing should not affect Essar Steel’s assets.
“It has been a long battle for the Mittals, and this is their way of preventing future troubles after they transfer money to the banks. ArcelorMittal is very clear it doesn’t want any ambiguity around any present or future liabilities,” a source told the publication.
The company has received a positive reply from several ministers and civil servants, the report said.
Moneycontrol could not independently verify the story.Also read: Essar Steel insolvency timeline | A saga of many twists and turns in IBC's biggest case
Arcelor Mittal will takeover Essar Steel as a part of the Indian steelmaker’s resolution plan. Essar Steel was taken to the bankruptcy court in 2017.
“Banks are yet to receive the money, but they are hopeful it will come in before December-end, which will help bump up their Q3 earnings,” a source told the paper.ArcelorMittal wants to avoid a situation similar to the one faced by Bhushan Power and Steel (BSPL) and JSW Steel. The Enforcement Directorate (ED) has attached BPSL’s assets after its proposed takeover by JSW Steel.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.